Sept 27 (Reuters) - Asia's gasoline margins further declined on Friday as supply remained tight amid the ongoing autumn refinery maintenances and refinery run cuts on the back of pervasively weak refining margins.
The crack fell to $4.92 per barrel over Brent crude from $5.18 on Thursday.
Refinery run cuts coupled with poor export margins at one of Asia’s largest suppliers, China, dragged exports down to a mere 320,000 metric tons (mt) for September so far, on track to close far below the YTD monthly average of 820,000 mt and August’s custom volume of 780,000 mt, an LSEG report said.
In the naphtha market, the margins climbed to $107.90 per metric ton over Brent crude.
The Organization of the Petroleum Exporting Countries and its allies will go ahead with a planned oil production increase in December but first need to cut output to address overproduction by some members, two OPEC+ sources said on Thursday.
NEWS
Oil prices held on Friday but remained on track for a weekly fall as investors weighed expectations for increased output from Libya and the broader OPEC+ group against fresh stimulus from top importer China.
Brent crude futures were up 8 cents, or 0.1%, at $71.68 per barrel, while U.S. West Texas Intermediate crude futures were up 6 cents, also 0.1%, at $67.73.
INVENTORIES
U.S. gasoline stocks fell by 5.6% to 934,000 tons in the week ending Sept. 26, the Energy Information Administration $(EIA)$ said in its report. Naphtha inventories gained almost 10% to 559,000 tons, the report added.
SINGAPORE CASH DEALS
One gasoline deal and no naphtha trade.
PRICES
CASH ASIA CLOSE Change Prev Close RIC
OSN Naphtha CFR Japan M1 647.75 3.00 644.75
($/mt)
OSN Naphtha CFR Japan M2 645.50 3.00 642.50
($/mt)
OSN Naphtha Diff ($/mt) 2.25 0.00 2.25 <NAF-TYO-DIF
>
Naphtha Netback FOB Sing 69.97 0.38 69.59
($/bbl)
Naphtha Diff FOB Sing 0.40 0.00 0.40 <NAF-SIN-DIF
>
Naphtha-Brent Crack 107.90 1.42 106.48 <NAF-SIN-CRK
($/mt) >
Gasoline 97 ($/bbl) 81.84 -0.05 81.89
Gasoline 95 ($/bbl) 81.40 -0.05 81.45
Gasoline 92 ($/bbl) 76.90 -0.05 76.95
Gasoline crack ($/bbl) 4.92 -0.26 5.18 <GL92-SIN-CR
K>
For a list of derivatives prices, including margins, please double click the
RICs below.
Brent M1
Naphtha CFR Japan M1 <NACFRJPSWMc1
>
Naphtha CFR Japan M1/M2 <NACFRJPSDMc1
>
Naphtha CFR Japan M2 <NACFRJPSWMc2
>
Naphtha Japan-Sing <NAPTC4SPDMc1
Netback M1 >
Naphtha Japan-Sing <NAPTC4SPDMc2
Netback M2 >
Naphtha FOB Sing M1 <NAFOBSGSWMc1
>
Naphtha FOB Sing M1/M2 <NAFOBSGSDMc1
>
Naphtha FOB Sing M2 <NAFOBSGSWMc2
>
Naphtha Cracks M1 <NACFRJPCKMc1
>
East-West Naphtha M1
East-West Naphtha M2
NWE Naphtha M1
NWE Naphtha M1/M2 <NAPCNWEASMc1
>
NWE Naphtha M2
Crack NWE Naphtha-Brent <NAPCNWEACMc1
M1 >
Crack NWE Naphtha-Brent <NAPCNWEACMc2
M2 >
*Sing refers to
Singapore
(Reporting by Haridas; Editing by Sumana Nandy)
((Haridas.X@thomsonreuters.com;))
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